Inflation Protection Fund
Principal Funds, Inc · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Inflation Protection Fund is a U.S. bond index fund that tracks the Bloomberg U.S. TIPS Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks to provide current income and real (after inflation) total returns.
The fund tracks the Bloomberg U.S. TIPS Index using a sampling strategy, holding a selection of the investment-grade inflation-protected securities that compose the index rather than all constituents. Because the fund does not purchase all index securities, its returns may diverge from the index. The fund rebalances its portfolio shortly after monthly index changes and maintains average duration aligned with the index.
| Share class | Expense ratio |
|---|---|
| PIFPX | 0.68% |
| PBPPX | 0.37% |
| PIPJX | 0.52% |
| PIPIX | 0.11% |
Portfolio turnover 155.40% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.06% |
| Cash & short-term | 1.71% |
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Inflation Indexed Bonds ×2
Largest exited: Progress Residential 2022-SFR7 Trust, Barclays Mortgage Loan Trust 2025-NQM3, HOMES 2025-AFC2 Trust, Cross 2025-H1 Mortgage Trust, BX Trust 2025-VOLT, CSMC 2022-NQM5 Trust, Angel Oak Mortgage Trust 2025-2, New Residential Mortgage Loan Trust 2022-SFR2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.47% | +7.96% | +2.66% | 2.97% | -5.31% | |
| +3.73% | +9.09% | +4.44% | 2.99% | -5.28% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| +3.61% | +8.55% | +3.73% | 2.97% | -5.35% | |
| +4.17% | +9.95% | +5.80% | 2.91% | -5.15% |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
| Floating rate | 0.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.8% |
| 1-3y | 28.0% |
| 3-5y | 20.8% |
| 5-10y | 35.1% |
| 10y+ | 14.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
| Credit spreads | 0% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 1% |
| 5 yr | 1.82 yr | 28% |
| 10 yr | 2.15 yr | 33% |
| 30 yr | 2.40 yr | 37% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.00 yr | 1% |
| 5 yr | 0.00 yr | 28% |
| 10 yr | 0.00 yr | 33% |
| 30 yr | 0.00 yr | 37% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.08 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +1.82 | +0.00 | +0.00 | $1 | $0 |
| 10 yr | +2.15 | +0.00 | +0.00 | $1 | $0 |
| 30 yr | +2.40 | +0.00 | +0.00 | $1 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury Inflation Indexed Bonds1.88% · due 2035-07-15 | 4.00% | $85.90M | — |
| — | United States Treasury Inflation Indexed Bonds2.13% · due 2035-01-15 | 4.00% | $85.86M | — |
| — | United States Treasury Inflation Indexed Bonds1.88% · due 2034-07-15 | 3.71% | $79.54M | — |
| — | United States Treasury Inflation Indexed Bonds1.75% · due 2034-01-15 | 3.66% | $78.60M | — |
| — | United States Treasury Inflation Indexed Bonds1.13% · due 2030-10-15 | 3.41% | $73.17M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2030-04-15 | 3.40% | $73.06M | — |
| — | United States Treasury Inflation Indexed Bonds1.13% · due 2033-01-15 | 3.39% | $72.79M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2027-10-15 | 3.33% | $71.38M | — |
| — | United States Treasury Inflation Indexed Bonds1.38% · due 2033-07-15 | 3.27% | $70.13M | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2029-10-15 | 3.26% | $70.04M | — |
Top 10 positions are 35.44% of net assets, top 25 76.69%, across 5 issuers.
See more of this fund's book
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